Hi I am working on EdTech idea. I got positive response in survey and not so sure response from some. I have developed app mock-ups and now looking to hire developer for MVP. I took loan out from bank to finance my idea. After 5 months of R&D and so many flows, I came up with the solution but at last moment I am feeling scared. There is scary feeling of failure and on the other hand positive feeling of success. Honestly there is one word after “what if” either successful or fail. Is that normal for a founder? I have no team member at the moment. I have asked many people around me to co-found idea but got no interest.
Having been in the same position I can empathize.
It's normal to be both excited and scared.
There are risks but also great rewards in creating a successful company.
Different people will have different ways of deciding when to go all in.
My approach (which may or may not be applicable) was to de-risk as much as possible, i.e. get as far as possible with the MVP before being all in.
Some important considerations were:
1. Having emotional/financial support from family/friends
2. Having completed all the go-to-market steps (even though the plan is never exactly how it turns out to be).
3. Getting comfortable with the financial implications e.g. investing my own money, not taking a salary in the first year, and the lost income.
4. Making sure it was the right time in my life to take such a risk.
Ultimately it could be a massive success or... not
If you fervently believe in your idea you will only find out if you try :)
It sounds like you've done an amazing job so far and are doing things correctly. This is a perfectly natural feeling that every (good) entrepreneur would feel. In order to succeed, all successful entrepreneurs have had to put this feel aside, and take a leap. That said, this should be done in stages, and after validating your idea (see my previous answers on Clarity - https://clarity.fm/assafben-david - for a detailed explanation on how to validate your idea).
I'm in academia, and have helped numerous edtech startups, so if you need more advice, feel free to give me a shout.
I've successfully helped over 380 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at my reviews: https://clarity.fm/assafben-david
Yes, this is completely normal for a founder.
I won't repeat what has already been said in other answers but instead I'll answer from another angle.
Entrepreneurship is all about personal growth. If you want to be a successful entrepreneur, it requires an openness and willingness to grow personally even more than professionally. You have to deal with fears, overwhelm, lack of enthusiasm, disappointment, failure, and many other challenging feelings along the way.
I like to see this as an opportunity – the opportunity in adversity.
Since resilience, grit and self-care are vital skills for an entrepreneur to have, each challenge presents you with some valuable lessons to deal with them.
As for fear specifically, I love the brilliant story of going on a road trip with fear by Elizabeth Gilbert. A very effective and creative way to deal with the fear that will always show up when we try to do something new and exciting.
Here's the link: https://www.youtube.com/watch?v=utW2cq17nBk&ab_channel=SALTProject.
Enjoy and feel free to reach out if you need a coach,
Hi, I have been in your shoes as I have had my own tech startups and also assisted other new tech startups. What you are feeling is totally normal. I have a proven 5 step process for overcoming your fears and have helped many others in your position, I use creative thinking strategies to overcome fear and problems.